DBA International (DBA) announced today it will now be accepting applications from collection law firms and third party collection agencies who wish to earn DBA’s Certified Professional Receivables Company (CPRC) designation. Version 2.1 of DBA International’s Certification Program was developed after an extensive six month program review that studied whether program expansion would provide enhanced benefits to certified debt buying companies as well as address a need within the broader collection industry.
DBA developed and manages a Debt Buyer Certification Program for its member companies. This certification program represents a comprehensive national standard of industry best practices. It stresses responsible consumer protection, increased transparency and improved educational and operational standards within the industry.
“Soon after the March 2013 launch of the Debt Buyer Certification Program, DBA began to receive calls from collection law firms and third party collection agencies inquiring whether they could become certified” said Bryan Faliero, President of the DBA Board of Directors. “While the certification program was originally designed for debt buying companies, the increasing number of inquiries prompted DBA to examine the feasibility of program expansion.”
After careful review and analysis, the DBA Certification Council determined that with a few adjustments, the certification program could accommodate collection firms and agencies due to the number of program standards that overlapped with other segments of the industry.
“Expanding the certification program is a critical step in strengthening compliance integration between debt buying companies and their vendors, assuring the consumer that the same rigorous standards are being upheld,” said Amy Anuk, Chair of the Certification Council.
Highlighted changes contained in version 2.1 of the DBA Certification Program:
- DBA adopted nine new standards of best practices focused on activities performed by collection law firms and third party collection agencies for a total of 29 program standards – new standards include subject matter associated with consumer complaints, trust accounts, bonding/malpractice insurance, professional conduct, and the client-vendor relationship
- The 20 existing standards for debt buying companies contained in version 2.0 of the Certification Program remained unchanged in version 2.1
- Grouped the 29 program standards into four “series”:
- Series A – Standards that apply to all CPRC designated companies (i.e. debt buying companies, collection law firms, and third party collection agencies)
- Series B – Standards that apply exclusively to debt buying companies
- Series C – Standards that apply exclusively to collection law firms
- Series D – Standards that apply exclusively to third party collection agencies
- No changes were made to the requirements individuals must attain to earn the Certified Receivable Compliance Professional (CRCP) designation
Jan Stieger, DBA’s Executive Director said, “While the expansion of the certification program is good from a compliance management standpoint for certified debt buying companies, perhaps more important are the benefits it provides to consumers through the adoption of rigorous and auditable standards that go above and beyond that required in state and federal laws.”
DBA International estimates that since its 2013 adoption of the certification program, more than 50 percent of receivables purchased on the secondary market are now held by certified debt buying companies.
More information on the DBA Certification Program, including full program requirements and CPRC and CRCP applications are available on the DBA website.
DBA International (DBA) is the nonprofit trade association that represents the interests of companies that purchase performing and nonperforming receivables on the secondary market. Founded in 1997 by a small group of companies to provide a forum to advance best practices within the industry, today DBA has grown to represent over 550 companies. DBA provides its members with networking, educational, and legislative advocacy opportunities through an annual conference, an executive summit, regional seminars, state and regional committees, newsletters, webinars, teleconferences, and other media. DBA maintains a code of ethics and a national certification program which debt buying member companies must comply with in order to maintain membership that promotes uniform industry standards based on best practices. DBA is headquartered in Sacramento, California.